MIRA INFORM REPORT

Report Date :

25.09.2013

IDENTIFICATION DETAILS

Name :	D B ENGINEERING PRIVATE LIMITED
Registered Office :	81, Jor Bagh, New Delhi - 110003
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	31.12.1986
Com. Reg. No.:	55-026541
Capital Investment / Paid-up Capital :	Rs. 30.605 Millions
CIN No.: [Company Identification No.]	U74899DL1986PTC026541
TAN No.: [Tax Deduction & Collection Account No.]	DELD06116F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Industrial Machine Knives and Blades.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 714000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	81, Jor Bagh, New Delhi – 110003, India
Tel. No.:	91-11-24615687/ 24643581
Fax No.:	91-11-24628275
E-Mail :	sales@skberi.com
Website:	http://www.atlasknives.com
Corporate Office :	A-119, Okhla Industrial Area, Phase – II, New Delhi – 110020, India
Tel. No.:	91-11-26386454/ 41616454/ 26385027/ 26384462
Fax No.:	91-11-26846453/ 24628275
E-Mail :	sales@skberi.com
Factory 1 :	A – 32, Sector 64, Noida – 201301, Uttar Pradesh, India
Tel. No.:	91-120-2402363/ 2250074
Fax No.:	91-120-2402362
Factory 2 :	C - 27, Sector - 59, Noida-201301, Uttar Pradesh, India
Tel. No.:	91-120-2580585/ 2583462
Factory 3 :	F-61, Sector-11, Noida, Uttar Pradesh, India
Factory 4 :	B-01, Sector-68, Phase-III, Noida, Uttar Pradesh, India

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Ramesh Beri

Designation :

Director

Address :

81, Jor Bagh, New Delhi – 110003, India

Date of Birth/Age :

21.01.1942

Date of Appointment :

31.12.1986

DIN No.:

00020906

Name :

Mr. Atul Beri

Designation :

Director

Address :

81, Jor Bagh, New Delhi – 110003, India

Date of Birth/Age :

29.08.1963

Date of Appointment :

31.12.1986

DIN No.:

00020922

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1986PTC026541	D B ENGINEERING PRIVATE LIMITED	Director	31/12/1986	31/12/1986	-	Active	NO
2	U52300DL2011PTC214087	IE TRADING COMPANY PRIVATE LIMITED	Director	14/02/2011	14/02/2011	01/08/2012	Active	NO

Name :

Mr. Deepak Beri

Designation :

Director

Address :

81, Jor Bagh, New Delhi – 110003, India

Date of Birth/Age :

14.06.1960

Date of Appointment :

31.12.1986

DIN No.:

00020896

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1986PTC026541	D B ENGINEERING PRIVATE LIMITED	Director	01/01/2002	01/01/2002	-	Active	NO
2	U13209DL2000PTC106367	RAMYA TOOLS AND KNIVES PRIVATE LIMITED	Director	30/07/2010	30/07/2010	-	Strike off	NO
3	U52300DL2011PTC214087	IE TRADING COMPANY PRIVATE LIMITED	Director	14/02/2011	14/02/2011	01/08/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Ramesh Beri	17000
Atul Beri	93665
Deepak Beri	76665
Karan Beri	14500
S.K Beri	101670
Rekha Beri	2500
Anuja Beri	25
Nandita Beri	25
Total	306050

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	59.59
Other top fifty shareholders	40.41
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Industrial Machine Knives and Blades.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Canara Bank, Okhla Industrial Area, Okhla, New Delhi - 110020, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Term Loans from Banks	64.488	55.729
SHORT TERM BORROWINGS
Packing Credit*	29.773	30.159
Buyers Credit Loan*	0.000	13.150
Total	94.261	99.038
LONG-TERM BORROWINGS Rupee Term Loans: 1 From HDFC Bank Balance Outstanding Rs.5.566 Millions (Previous Year‐Nil) Above loans is secured against hypothecation of cars. Repayable in 36 equal monthly installments from the date of its origination, i.e, 07th January, 2012 along with the rate of interest of 10.11% p.a. 2 From Canara Bank Balance Outstanding Rs.76.402 Millions (Previous Year‐Rs. 69.619 Millions) Above consists two loans secured by equitable Mortgage of Land and Building and hypothecation of Plant and Machinery and Stock These two loans are repayable in monthly installments along with the rate of interest of 15% p.a. and 14% p.a. respectively SHORT TERM BORROWINGS * Secured by Equitable Mortgage of Land and Buildings and Hypothecation of Plant and Machinery and Stock

Banking Relations :	--
Auditors :
Name :	S. C. Varma and Company Chartered Accountants
Address :	A-60, N.D.S.E Part – I, New Delhi – 110049, India
Tel. No.:	91-11-24648247/ 24649845/ 24638170
Fax No.:	91-11-24649330
E-Mail :	scvarma@scvandco.com
Income-tax PAN of auditor or auditor's firm :	AACFS1889H
Associates Concerns :	· D. B. Engineering Company · IE Trading Company Private Limited · S. K. Beri and Bros.

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs. 100/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
306,050	Equity Shares	Rs. 100/- each	Rs. 30.605 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	30.605	30.605
(b) Reserves & Surplus	147.952	106.300
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	178.557	136.905
(3) Non-Current Liabilities
(a) long-term borrowings	64.488	55.729
(b) Deferred tax liabilities (Net)	4.810	9.780
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	3.905	2.953
Total Non-current Liabilities (3)	73.203	68.462
(4) Current Liabilities
(a) Short term borrowings	106.340	92.845
(b) Trade payables	193.392	184.293
(c) Other current liabilities	51.920	45.001
(d) Short-term provisions	1.503	1.171
Total Current Liabilities (4)	353.155	323.310
TOTAL	604.915	528.677
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	233.000	182.739
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	17.782
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	39.420	44.162
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	272.420	244.683
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	165.335	153.241
(c) Trade receivables	137.553	94.029
(d) Cash and cash equivalents	2.157	14.772
(e) Short-term loans and advances	26.699	21.941
(f) Other current assets	0.751	0.011
Total Current Assets	332.495	283.994
TOTAL	604.915	528.677

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		30.605
2] Share Application Money		0.000
3] Reserves & Surplus		90.277
4] (Accumulated Losses)		0.000
NETWORTH		120.882
LOAN FUNDS
1] Secured Loans		77.805
2] Unsecured Loans		16.000
TOTAL BORROWING		93.805
DEFERRED TAX LIABILITIES		11.795
TOTAL		226.482
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		187.403
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	72.425
	Sundry Debtors	84.851
	Cash & Bank Balances	28.215
	Other Current Assets	0.000
	Loans & Advances	35.089
Total Current Assets		220.580
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	162.797
	Other Current Liabilities	16.610
	Provisions	2.166
Total Current Liabilities		181.573
Net Current Assets		39.007
MISCELLANEOUS EXPENSES		0.072
TOTAL		226.482

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from Operations (net)	812.871	526.909	399.096
		Other Income	2.433	6.232	10.123
		TOTAL (A)	815.304	533.141	409.219
Less	EXPENSES
		Cost of Materials Consumed	429.899	301.567
		Changes in Inventories of Finished Goods and Work‐in‐Progress	(24.313)	(49.221)
		Employee Benefits Expense	80.720	67.417
		Other Expenses	219.462	158.500
		TOTAL (B)	705.768	478.263	374.688
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		109.536	54.878	[Including Financial Expenses]
Less	FINANCIAL EXPENSES (D)		22.865	13.071
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		86.671	41.807	34.531
Less/ Add	DEPRECIATION/ AMORTISATION (F)		33.820	18.553	17.200
	PROFIT BEFORE TAX (E-F) (G)		52.851	23.254	17.331
Less	TAX (H)		11.199	7.231	6.816
	PROFIT AFTER TAX (G-H) (I)		41.652	16.023	10.515
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	498.435	300.875	211.620
	IMPORTS
		Raw Materials	135.122	92.551	54.820
		Stores & Spares	0.041	0.273	0.736
		Capital Goods	37.940	21.745	3.083
	TOTAL IMPORTS		173.103	114.569	58.639
	Earnings Per Share (Rs.)		136.09	52.36	34.36

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.11	3.01	2.57
Net Profit Margin (PBT/Sales)	(%)	6.50	4.41	4.34
Return on Total Assets (PBT/Total Assets}	(%)	8.74	4.55	4.25
Return on Investment (ROI) (PBT/Networth)		0.30	0.17	0.14
Debt Equity Ratio (Total Debt/Networth)		0.96	1.09	0.78
Current Ratio (Current Asset/Current Liability)		0.94	0.88	1.21

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10413764	13/02/2013	1,350,000.00	CANARA BANK	OKHLA INDUSTRIAL AREA, NEW DELHI - 110020, INDIA	B71437586
2	10232070	23/07/2010	230,000,000.00	CANARA BANK	OKHLA INDUSTRIAL AREA, NEW DELHI - 110020, INDIA	A90710138
3	10219616	26/03/2010	2,992,000.00	CANARA BANK	OKHLA INDUSTRIAL AREA, NEW DELHI - 110020, INDIA	A85424315
4	10210174	20/03/2010	78,000,000.00	CANARA BANK	OKHLA INDUSTRIAL AREA, NEW DELHI - 110020, INDIA	A82370784
5	10153450	12/03/2009	2,891,032.00	CANARA BANK	OKHLA INDUSTRIAL AREA, NEW DELHI - 110020, INDIA	A61027116
6	10120571	18/08/2008	26,800,000.00	CANARA BANK	OKHLA INDUSTRIAL AREA, NEW DELHI - 110020, INDIA	A45203619
7	10094177	26/02/2008	10,000,000.00	CANARA BANK	OKHLA INDUSTRIAL AREA, NEW DELHI - 110020, INDIA	A34868083
8	10094018	26/02/2008	12,500,000.00	CANARA BANK	OKHLA INDUSTRIAL AREA, NEW DELHI - 110020, INDIA	A34684654
9	10094834	26/02/2008	16,100,000.00	CANARA BANK	OKHLA INDUSTRIAL AREA, NEW DELHI - 110020, INDIA	A35078245
10	10001501	24/03/2006	9,100,000.00	CANARA BANK	OKHLA INDUSTRIAL AREA, NEW DELHI - 110020, INDIA	A00369009
11	80001015	24/03/2006 *	3,000,000.00	CANARA BANK	OKHLA INDUSTRIAL AREA, NEW DELHI - 110020, INDIA	-
12	80001016	22/08/2013 *	40,000,000.00	CANARA BANK	OKHLA INDUSTRIAL AREA, NEW DELHI - 110020, INDIA	B84382761
13	80001017	22/01/2011 *	35,000,000.00	CANARA BANK	OKHLA INDUSTRIAL AREA, NEW DELHI - 110020, INDIA	B05396163
14	80001450	23/03/2012 *	40,000,000.00	CANARA BANK	OKHLA INDUSTRIAL AREA, NEW DELHI - 110020, INDIA	B38595484
15	90060594	24/03/2006 *	6,000,000.00	CANARA BANK	OKHLA INDUSTRIAL AREA, NEW DELHI - 110020, INDIA	-

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
SHORT TERM BORROWINGS
Foreign Bill Discounted	30.392	20.936
From Shareholders	41.625	25.900
From Inter‐Corporate	4.550	2.700
Total	76.567	49.536

CONTINGENT LIABILITIES:

Particulars	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Contingent Liabilities exists in respect of:‐
a) Claims against the Company not acknowledged as debts	0.000	0.000
b) Estimated amount of contracts remaining to be executed on Capital Accounts (Net of advances)	7.529	20.472
c) Other money for which the company is contingent liable	0.770	94.202
Total	8.299	114.674

FIXED ASSETS:

· Land

· Building

· Plant and Equipments

· Furniture and Fixtures

· Vehicles

· Computers

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 62.66
UK Pound	1	Rs. 100.46
Euro	1	Rs. 84.60

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.